Burnley tops list for number of ‘flipped’ homes
The value of homes bought and sold by investors looking for a quick profit has hit the highest level in a decade.
Some 30,822 houses and flats across England and Wales worth £5.5billion were ‘flipped’ in the year to April – meaning they were bought and sold more than once over this period.
This was the highest figure since before the financial crisis in 2007, when £9.6billion of homes were flipped. The practice of ‘flipping’ was previously concentrated in London.
But the slowdown in the capital, combined with hikes in stamp duty for properties worth over £1million and the 3 per cent stamp duty surcharge on second homes, has caused investors to look to the regions instead.